Clearly there is a lot of information coming through about the ongoing coronavirus situation which is also constantly changing. At Forces Family Finance we understand the specific issues that you may be concerned about and that effect you directly, so as well as pushing through information related to mortgage, insurance and finance policy, we wanted to summarise some other useful updates for you.
Guidance for those living in service accommodation
We found this useful information on forces.net, please be considerate to the wider impact of cross infection this could have on an essential workforce for our country. Families have a huge part to play in this.
Concerns over essential housing repairs and maintenance
Information around the contingency plans Amey have put in place for the Coronavirus can be found here from the Army Families Federation page.
Buying a property
We also understand that for some you, it may actually be a very opportune time to purchase property and with Easter leave approaching, this may be in the forefront your mind. To this end we will be running online house buying workshops to still make accessible essential information from our fully qualified team who specialise in dealing with military families serving past and present. If you would like to register your interest for this please email firstname.lastname@example.org and we shall send you details once confirmed.
Mortgage and personal loan payment holidays
For those families who may be concerned about loss of second income, self-employment or servicing debts or household expenses whilst on statutory sick pay or without it all then here is some recent information published by Which, about what banks, lenders and credit providers are offering.
There has also been a further update released from the chancellor yesterday around mortgage payment holidays. Forces Family Finance would advise this type of action is not to be taken lightly and you should always seek advice before moving into an agreement of this kind. Whilst the banks have stated it will not have an impact on your credit file, these agreements still have to repaid and can often result in a roll up of interest. It is important that you fully understand the terms of the ‘payment holiday’ you are being offered by any mortgage or credit provider.
YOUR HOME MAY BE AT RISK IF YOU DO NOT KEEP UP REPAYMENTS
Guidance for those who have children in UK boarding schools
Understandably, this must be a huge concern for many military families that chose to use boarding. This blog for the Royal Air Force Families Federation gives you some points of contact
Life/illness/income cover for Armed Forces and their families
Underwriting guidelines amongst insurers are slowly being updated and changed as this situation develops. We are seeing some insurers delay offering cover if you have ANY future plans for travel (regardless of where) and/or are self-containing or showing mild symptoms of the virus, clearly this could impact a lot of peoples success in getting cover at the moment, so our advice would be if you were already considering taking this cover, apply whilst you can genuinely say these points do not apply to you. If you do have travel plans for the future, this does not mean that you cannot get cover, just that some insurers are reviewing their stance on this.
Please note it is very important that you are honest in disclosures when making an application as they may affect your ability to claim.
With many occupational travel plans being dropped, it will be a positive change for those who couldn’t secure cover before or just gives you some time to get round to ‘sorting it’. For spouse and partners regardless of if you work or not, cover for your health/income is just as important for you during these uncertain times. Please get in touch if you would like to discuss this further on 033 033 22614
Whilst every effort has been made to ensure this information is accurate at the time of release and from reliable sources, Forces Family Finance cannot be held responsible for any incorrect information that may appear on these links. It is also important to note that the coronavirus is a constantly evolving situation with updates and changes in policy/contingency plans happening daily.